Azerbaijan, Saudi Arabia to expand business relations

In the coming years, a number of measures are planned to further expand business relations between Azerbaijan and Saudi Arabia, the Small and Medium Business Development Agency (KOBIA) under the Ministry of Economy told Report.

In this context, first of all, it is planned to ensure continuous dialogue between business circles and develop partnerships on specific projects. Special importance will be given to the implementation of joint projects in areas of mutual interest to move negotiations to a more practical level and achieve concrete results.

Additionally, the opening of an Azerbaijani Trade House in Jeddah or Riyadh, Saudi Arabia, is planned. This initiative is of great importance in terms of promoting Azerbaijani products and expanding export opportunities. At the same time, work is underway to invite Saudi Arabian investors to Azerbaijan and stimulate their interest through business meetings and investment presentations held in Baku.

One of the most important steps taken towards establishing the Azerbaijan-Saudi Arabia Joint Business Council has been the formation of a working mechanism that ensures coordination among entrepreneurs and serves as a platform for continuous cooperation.

The established platform serves to establish direct contacts between businesspeople, promote mutual investment initiatives, and strengthen institutional cooperation. So far, a total of six meetings of the Council have been held in Riyadh, Saudi Arabia, and in Baku and Shusha, Azerbaijan.

During these meetings, direct contacts were established between businesspeople from both countries operating in various fields such as industry, pharmaceuticals, agriculture, tourism, food, construction, architecture, design, logistics, and renewable energy, and exchanges of views were held on investment projects of mutual interest.

As part of the Business Council meetings, presentations were made on Azerbaijan's business and investment opportunities, export potential, support and services provided to local and foreign businesspeople, and Azerbaijani businesspeople highlighted business and trade cooperation prospects and networking opportunities.

At the same time, during B2B meetings held to put forward new initiatives in business and investment and expand trade and investment cooperation between Saudi Arabia and Azerbaijan, information and experience were exchanged between SMEs of both countries, and issues such as promoting partnership relations, organizing mutual business missions and joint events were discussed. Participants in these meetings were provided with detailed information about their areas of activity on a reciprocal basis.